Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company is expected to experience steady growth in its operations, with a more diverse and comprehensive product matrix. As the industrial automation sector recovers, the company is likely to return to a faster growth trajectory [1]. - The company is increasing its investment in the robotics sector, enhancing its self-developed components and core products, which may lead to breakthroughs in this area [1]. - The long-term operational outlook for the company's main business is positive, with a focus on the progress in the robotics field [1]. Financial Data and Valuation - Total revenue is projected to grow from 1,505 million yuan in 2023 to 2,641 million yuan in 2027, with year-on-year growth rates of 13%, 14%, 11%, 18%, and 18% respectively [3][19]. - Operating profit is expected to increase from 219 million yuan in 2023 to 399 million yuan in 2027, with a notable growth of 30% in 2026 [3][19]. - Net profit attributable to the parent company is forecasted to rise from 199 million yuan in 2023 to 370 million yuan in 2027, with a significant increase of 30% in 2026 [3][19]. - Earnings per share (EPS) are anticipated to grow from 1.27 yuan in 2023 to 2.35 yuan in 2027 [3][19]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 48.4 in 2023 to 26.1 in 2027, indicating potential valuation improvement [3][19]. Business Performance - The company reported a revenue of 1.38 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 14.16% [7]. - The company has a leading position in the domestic small PLC market, with an 8% market share as of the first half of 2025 [7]. - The company is enhancing its servo and variable frequency drive businesses while expanding into visual and robotics sectors, which is expected to strengthen its competitive edge [7]. Shareholder Information - The major shareholder, Li Xin, holds a 31.21% stake in the company [4].

Group 1 - The rapid development of humanoid robots is attracting attention, with advancements showcased at the 2025 World Robot Conference, including robots performing tasks like boxing and household chores [1][3] - The latest generation of humanoid robots, such as the upgraded G1 combat robot, demonstrates improved stability, speed, and power, indicating significant technological breakthroughs [1][3] - The introduction of new components, such as six-dimensional force sensors and flexible electronic skin, enhances the humanoid robots' capabilities, making them more human-like [3][4] Group 2 - The policy environment is supportive, with initiatives like the "Guiding Opinions on the Innovative Development of Humanoid Robots" and the inclusion of "embodied intelligence" in government reports, facilitating the transition from laboratory technology to market applications [4][8] - The market demand for humanoid robots is shifting from concept validation to actual procurement, with several companies already achieving small-scale deliveries [4][6] - Companies like Shenyang Siasun Robot Company and UBTECH are entering the humanoid robot sector, recognizing the potential for growth beyond industrial robots [6][8] Group 3 - The humanoid robot market is expected to grow significantly, with projections indicating over 100 million humanoid robots in use in China by 2045, leading to a market size of approximately 10 trillion yuan [8][9] - Despite the promising outlook, the commercialization of humanoid robots is still in its early stages, and achieving practical usability will require time and patience from the industry and investors [8][9] - Experts predict that within 3 years, household humanoid robots may perform simple tasks, while more advanced capabilities could emerge in 5 to 10 years [9][11] Group 4 - The technical structure of humanoid robots includes a body, a "small brain" for motion control, and a "big brain" for perception and decision-making, with ongoing improvements needed in these areas [11][12] - The complexity and cost of humanoid robots are higher due to their advanced human-machine interaction and safety requirements, necessitating efforts to standardize and reduce production costs [11][12] - A suggested approach for development includes promoting applications to enhance product usability, exploring rental services, and creating replicable business models [12]